If anything, the recent corporate conservatorships prove that risk analysis can ward off problems down the road, according to ALM First Financial Advisors LLC, which bought WesCorp's $1.7 billion investment book of business in 2006.
Dallas-based ALM First purchased WesCorp Investment Services LLC. Formed in 2000, the advisory group had 14 clients with $1.7 billion under management at the time of the deal. The acquisition gave ALM First more than $8 billion in funds under management and helped open key West Coast markets. Today, it manages $7.5 billion for more than 110 clients. WesCorp still maintains a minority board seat at ALM First.
"We've worked with other corporates in the country, usually for safekeeping and overnights," said Tom Manley, a partner with ALM First. "We don't have much impact due to the conservatorship."
Recommended For You
Manley said it is a sobering time for the corporate credit union system. However, the recent conservatorships underscore a due diligence lesson.
"As we can see from coast to coast, risk analysis is a very important aspect that needs to be done," Manley offered. He said while it's "awfully sad for the good people at WesCorp," he's heard some "good things" about the corporate's new CEO, Philip Perkins.
In 2005, Eastern Corporate FCU sold its 100% ownership stake in ALM First to Manley, and the firm's other partners, Emily Hollis and Angela Calvert.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
